The Roosevelt Island Operating Corporation presented a budget for Fiscal 2007-08 at its Board of Directors meeting last week.

The revenue figures presented do not include an expected $5.4 million transaction fee from approval of the sale of Eastwood, which was voted at the meeting. Some other potential income figures are omitted, as well, including ground-lease increases that may be realized if Island House, Westview, and/or Rivercross are given ground-lease extensions.

In a cash projection, RIOC shows steady growth from 2007-08 ($17,320,378) through 2011-12 ($38,875,382).

RIOC said its budget is based on satisfying five objectives:
• Prioritize Island-wide capital improvements
• Balance short- and long-term goals
• Administer external funding for Tram and Southpoint projects
• Impose fiscal discipline on expenditures
• Manage financial growth
• Ensure the Island’s unique qualities and lifestyle